Regions Hampton Roads

Norfolk Southern CEO optimistic after record year

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Norfolk Southern’s CEO says the company expects to celebrate its 30th anniversary “with confidence, optimism, and a great deal of enthusiasm” after posting performance records last year.

“The railroad is running well, we have a strong capital budget, and the right projects are under way to enhance our business franchises,” Wick Moorman tells stockholders in the company’s 2011 annual report, which was posted on the company’s website Wednesday.

Improving markets and corporate initiatives helped to make 2011 the company’s “best-ever year,” he notes, with record revenues, operating income, net income, and earnings per share.

The company had $11.2 billion in revenue last year and net income of $1.96 billion.

“We have come an incredible distance” since the modern Norfolk Southern was founded 30 years ago in 1982, “and yet we have not strayed an inch from our core beliefs,” Moorman says.

The company’s railroad subsidiary, Norfolk Southern Railway, operates approximately 20,000 route miles in 22 states and the District of Columbia.


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